Cotton futures surged early Wednesday morning, with the most-active contract up 74–76 points. Prices held firm even after the USDA reported U.S. cotton planted area at 9.85 million acres, above market expectations of 9.6 million. Crop progress data showed 37% of the crop had squared and 9% was setting bolls, while the good/excellent rating slipped to 48% with a notable drop in Texas. ICE certified stocks were steady at 185,034 bales, and the Cotlook A Index eased to 85.30 cents/lb.

XRP Ledger即将发布EVM兼容侧链的重大升级版本，该侧链旨在为XRP Ledger引入完整的以太坊虚拟机（EVM）支持，使开发者能直接在XRPL上部署和运行Solidity智能合约。此举不改变XRP主网共识机制，但显著拓展其DeFi、NFT及可编程支付应用场景。目前该侧链已上线测试网，主网升级时间未公布，但官方确认本次更新包含性能优化与Gas模型改进。XRP作为该侧链的原生结算资产，其链上活动与生态采用度有望随升级落地而提升。

Iran and the United States held technical talks in Doha focused on stabilizing shipping through the Strait of Hormuz and advancing a ceasefire, as Washington confirmed oil flows through the waterway have returned to pre-conflict levels. Brent crude futures fell 0.9% to $72.33 a barrel and U.S. WTI slid 0.6% to $69.12, the lowest level since February 27. The market is awaiting weekly U.S. inventory figures from the EIA after API data showed stocks fell again.

Bybit said its traditional finance derivatives platform, Bybit TradFi, now supports BYUSDT as margin collateral. The update allows users to trade CFDs without converting BYUSDT into other assets while still receiving its native yield. The change expands the Bybit TradFi product line and does not involve a new token issuance or any mainnet changes, limited to adding a new collateral type within Bybit margin accounts. BYUSDT is a U.S. dollar-pegged stablecoin issued by Bybit that currently circulates only on the Bybit platform and is not listed on major third-party exchanges such as BingX.

Paramount has submitted concessions to the European Commission as it seeks clearance for its $111B acquisition of Warner Bros Discovery, aimed at easing antitrust concerns. The Commission confirmed the filing and set a new provisional decision deadline of July 22, extended from July 7. In the UK, Culture Minister Louise Nandy said she was minded to intervene and is assessing the deal on media plurality grounds, while the Competition and Markets Authority continues a separate investigation.

Most currency strategists still expect the U.S. dollar to weaken in the months ahead, even after a roughly 4% rebound from May’s low, a Reuters FX poll conducted June 26–July 1 showed. They pointed to cooling oil prices that are easing inflation worries and reducing expectations for Federal Reserve rate hikes. A growing minority has turned less bearish, with about one-third now forecasting the euro to be flat or lower against the dollar over the next three months. Oil was cited as a key driver of the outlook.

U.S.-Iran tensions remained elevated, with informal technical talks held in Doha even as Tehran declined high-level engagement with U.S. officials. At the same time, strong U.S. job-openings data reinforced expectations that the Federal Reserve will stay focused on fighting inflation. Risk aversion picked up, pushing U.S. equity futures lower, while Nike fell 3.3% after earnings and Shutterstock sank after ending its merger with Getty Images. The geopolitical risk premium was seen spilling into energy and equity markets.

Russia has begun importing gasoline from India after fuel shortages emerged following Ukrainian strikes on its energy infrastructure. The shortages have led to rationing and long queues at filling stations, alongside a record surge in domestic gasoline prices. An initial 60,000 metric tons has already been dispatched from India, and Russia plans to import up to 400,000 tons a month from suppliers including Belarus.